Peters & Co. LimitedNorth American Oil & Gas Conference

September 2009

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Forward Looking StatementsForward Looking Statements

This presentation contains certain forward-looking statements. All statements,

other than statements of historical fact, included herein, including without

limitation, statements regarding potential exploration results, hydrocarbons,

resources and reserves, and the future plans and objectives of CGX Energy

Inc. are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate and

actual results and future events could differ materially from those anticipated in

such statements. Important factors that could cause actual results to differ

materially from CGX's expectations are disclosed elsewhere in documents that

are available to the public at www.sedar.com.

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CGX CGX –– Pure ExplorerPure ExplorerGuyana Guyana –– Suriname BasinSuriname Basin

Large Land Holdings9.5 million acres gross; 7.2 million net

Well FinancedUS$18 million working capital June 2009

Listed on TSX-V symbol OYL$1.04 on Sept 11

52 week high $1.55; low $0.26

Common Shares127.3 million issued

137.1 million fully diluted

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Guyana Suriname BasinGuyana Suriname BasinA Major New FrontierA Major New Frontier

USGS 2000 P50 Estimate

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Proven Hydrocarbon System Proven Hydrocarbon System But Offshore Guyana UnderBut Offshore Guyana Under--Explored Explored 1958 to 2007 1958 to 2007 –– only 21,000 km 2D and 11 wells only 21,000 km 2D and 11 wells

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AbaryAbary –– Shell 1975Shell 1975•• InIn--well blow outwell blow out•• 37 API oil in mud37 API oil in mud

TambaredjoTambaredjo and and Calcutta have > Calcutta have > 1.0 billion barrels 1.0 billion barrels OOIPOOIP

Venz

Guyana

Suriname

T&T

Exploration Now BoomingExploration Now BoomingPost Border Decision Sept 2007Post Border Decision Sept 2007

US$125mm Seismic - Aug 08 to May 09

Exxon 2D

CGX 3D

Repsol 3D

Exxon 2D

Murphy 3D

Inpex 3D

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3D Processing Near Completion3D Processing Near Completion

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3D Acquired Oct 08 – Jan 09

Processing Nov 08 – Sep 09Fugro Fast-Track PoSTMCGGVeritas - PSTMCGGVeritas - PSDMData Modeling Inc - PSTM

Interpretation Jan 09 – Dec 09In-houseGeoseisJamiesco ExplorationRock Solid Images

Purchased Suriname Dataset

Integrate 450 km PGS 2D

CGX Processing1,000 km2

CGX 25% of1,839 km2

CGX 100% of505 km2

Using 3D to Solve the PuzzleUsing 3D to Solve the Puzzle

Depth to targets reduced by 9%Reduce well costs

Lower temperature and pressure

Broadens rig spec window

Velocity inversion pin-pointing prospects

At least two new leads identified

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3D Supports 3D Supports 2D Prospects2D Prospects

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Eagle Tertiary

Wishbone Tertiary

View Looking SouthwestEagle Velocity InversionEagle Velocity InversionInterpret as High Porosity SandInterpret as High Porosity Sand

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Eagle Tertiary

Eagle ProspectEagle Prospect18 km by 7.5 km18 km by 7.5 km

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Mature Oil

Source Rock

Potential High Porosity Reservoir

Closure in time will be enhanced in depth

Eagle Deep (Cretaceous)Eagle Deep (Cretaceous)Velocity Inversion Approx 900 mVelocity Inversion Approx 900 m

Eagle Deep Cretaceous

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2D Resource Estimate2D Resource EstimateCorentyne PPL OnlyCorentyne PPL Only

Source: Gustavson Associates January 200813

Eagle and Eagle Deep West Eagle and Eagle Deep West Scoping Economics Scoping Economics (1.4 billion (1.4 billion bblsbbls))

Source: Gustavson Associates January 2008; basis WTI US$ 95 per barrel14

Preparing for Rig Tender Jan 2010Preparing for Rig Tender Jan 2010

$2 mm Capital Budget H2 2009

Drill Design in third IterationCost estimate drops to < US$70 million

Strategic Environmental AssessmentEMC GuyanaPMO Global ServicesConsultations with government agenciesSubmit SEA July 2009

Staging and Storage FacilityApplication made to government

Re-Open Dataroom for JV Partner

Directors and OfficersDirectors and Officers

Kerry Sully President, CEO and Director – 39 years experience; past CEO of Ranchmen’s Resources

Warren Workman Vice President, Exploration – 35 years experience, previously with Amoco, Unocal and Ranchmen’s

James Fairbairn CFO – CA with 20+ years experience with publicly-traded companies; officer

Denis Clement Director – 27+ years experience in corporate finance, law and management; director of a number of public and private resource companies

John Cullen Co-founder and Director – 27+ years experience; Co-founder and Director of Candax Energy Inc. and Southeast Asia Mining Corp.

Edris K. Dookie Co-founder and President of ON Energy; Executive Vice President, CGX Resources

Adrian Jackson Independent Director – Equity Analyst with Investec Asset Management based in London, UK

Oliver Lennox-King Independent Director – Chairman of the Board of FronteerDevelopment and Aurora Energy Resources

Charlotte May Investor Relations – 20+ years experience in the institutional brokerage industry focused on junior oil and gas companies

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